It's possible to trade profitably on the Forex, the nearly $2 trillion worldwide currency exchange market. But the odds are against you, even more so if you don't prepare and plan your trades. According to a 2014 Bloomberg report, several analyses of retail Forex trading, including one by the National Futures Association (NFA), the industry's regulatory body, concluded that more than two out of three Forex traders lose money.
This suggests that self-education and caution are recommended. Here are some approaches that may improve your odds of taking a profit.
Prepare Before You Begin Trading
Because the Forex market is highly leveraged -- as much as 50 to 1 -- it can have the same appeal as buying a lottery ticket: some small chance of making a killing. This, however, isn't trading; it's gambling, with the odds long against you.
A better way of entering the Forex market is to carefully prepare. Beginning with a practice account is helpful and risk-free. While you're trading in your practice account, read the most frequently recommended Forex trading books, among them
Currency Forecasting: A Guide to Fundamental and Technical Models of Exchange Rate Determination, by Michael R. Rosenberg is short, not too sweet and highly admired introduction to the Forex market.
Forex Strategies: Best Forex Strategies for High Profits and Reduced Risk, by Matthew Maybury is an excellent introduction to Forex trading.
The Little Book of Currency Trading: How to Make Big Profits in the World of Forex, by Kathy Lien is another concise introduction that has stood the test of time.
All three are available on Amazon. Rosenberg's book, unfortunately, is pricey, but it's widely available in public libraries. "Trading in the Zone: Master the Market with Confidence, Discipline and a Winning Attitude," by Mark Douglas is another good book that's available on Amazon, and, again, somewhat pricey, although the Kindle edition is not.
Use the information gained from your reading to plan your trades before plunging in. The more you change your plan, the more you end up in trouble and the less likely that elusive forex profit will end up in your pocket.
Diversify and Limit Your Risks
Two strategies that belong in every trader's arsenal are:
Diversification: Traders who execute many small traders, particularly in different markets where the correlation between markets is low, have a better chance of making a profit. Putting all your money in one big trade is always a bad idea.
Familiarize yourself with ways guaranteeing a profit on an already profitable order, such as a trailing stop, and of limiting losses using stop and limit orders. These strategies and more are covered in the recommended books. Novice traders often make the mistake of concentrating on how to win; it's even more important to understand how to limit your losses.
Be Patient
Forex traders, particularly beginners, are prone to getting nervous if a trade does not go their way immediately, or if the trade goes into a little profit they get itchy to pull the plug and walk away with a small profit that could have been a significant profit with little downside risk using appropriate risk reduction strategies.
In "On Any Given Sunday," Al Pacino reminds us that "football is a game of inches." That's a winning attitude in the Forex market as well. Remember that you are going to win some trades and lose others. Take satisfaction in the accumulation of a few more wins than losses. Over time, that could make you rich!

Fairytale of New York

As far as Christmas songs go, Fairytale of New York is pretty bleak. Instead of chestnuts on the open fire, horses come in 18 to 1; instead of white Christmases, morphine drips; instead of coming home for the holidays, one waits them out in drunk tanks. It’s not the stuff of greeting cards. And yet, for a whole lot of people, myself included, it wouldn’t be December without The Pogues 1987 holiday anti-ballad on repeat. It comes in handy when you’re feeling a little grinchy* about the season; there’s something of a relief in a song where nobody does anything right but aren’t pretending things are any other way. The sentiments are honest, and in a way, a little magical, choirs and bells and bands in the street, imagining better times and better years ahead.

Not that I listen to the song anymore. I mean, I used to often enough that I’d drive my husband, less charmed by Christmas music, bonkers but then my son got old enough to start sorting out the words and abruptly, being a good parent won out, at least for another decade or so.

But my nostalgia for the song is so steep, when I spied a cocktail called the Fairytale of New York in this month’s Imbibe Magazine, there wasn’t a chance I wasn’t going to be making it (plus rugelach pinwheels, which are on repeat this year) for the next holiday party. The drink is essentially an Old Fashioned, except instead of muddling a sugar cube with bitters, you sweeten it with a “winter warmth syrup,” with raw sugar, cinnamon sticks, cloves, walnuts, apples and pears. The aroma of this simmering on the stove is so reverentially amazing; if you had even a trace of holiday hesitation left in you, it would instantly eradicate it. And if it didn’t, well: bourbon.

I hope that wherever you’re spending the holidays, you are with the people you adore, getting to eat the food you love, and listening to all of your terrible holiday favorites (I like a steady mix of Pogues and John Denver and the Muppets, personally). And I hope that someone hands you one of these as soon as you walk in from the cold.

Fairytale of New York

Adapted from Dave Mitton of The Harbord Room in Toronto, via Imbibe Magazine

This is essentially a winter spiced old-fashioned, a really wonderful variation on it for this time of year. The mulled simple syrup will make you home smell heavenly. I fudged the ingredients a little, using a whole apple because I didn’t have a half pear, using orange bitters instead of walnut ones, and ground cloves (a few pinches) instead of whole. Nobody was the wiser.

Winter Warmth Syrup

1 1/2 cups water

1 cup raw, demerara or turbinado sugar (granulated will do just fine if you do not have them)

Make the winter warmth syrup: Combine all ingredients in a saucepan over medium heat. Bring to a simmer, stirring until the sugar dissolves, and simmer for 15 to 20 minutes. Remove from the heat and cool. Strain into a clean glass bottle, cover and refrigerate for up to 2 weeks. Makes about 2 cups.

Make a drink: Place the orange peel, syrup and bitters in a low glass and muddle. Pour in whiskey, add a large ice cube and don’t forget to share.

Make a carafe: We brought 2 4-cup carafes of this to a party, using all of the syrup and about 5 1/2 cups bourbon. We tossed a few orange peels into each jar. Don’t forget to remind friends to pour it over ice (we forgot), so they are not asleep before, you know, Santa comes down the chimney.

more recipes @ https://smittenkitchen.com

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It's possible to trade profitably on the Forex, the nearly $2 trillion worldwide currency exchange market. But the odds are against you, even more so if you don't prepare and plan your trades. According to a 2014 Bloomberg report, several analyses of retail Forex trading, including one by the National Futures Association (NFA), the industry's regulatory body, concluded that more than two out of three Forex traders lose money.
This suggests that self-education and caution are recommended. Here are some approaches that may improve your odds of taking a profit.
Prepare Before You Begin Trading
Because the Forex market is highly leveraged -- as much as 50 to 1 -- it can have the same appeal as buying a lottery ticket: some small chance of making a killing. This, however, isn't trading; it's gambling, with the odds long against you.
A better way of entering the Forex market is to carefully prepare. Beginning with a practice account is helpful and risk-free. While you're trading in your practice account, read the most frequently recommended Forex trading books, among them
Currency Forecasting: A Guide to Fundamental and Technical Models of Exchange Rate Determination, by Michael R. Rosenberg is short, not too sweet and highly admired introduction to the Forex market.
Forex Strategies: Best Forex Strategies for High Profits and Reduced Risk, by Matthew Maybury is an excellent introduction to Forex trading.
The Little Book of Currency Trading: How to Make Big Profits in the World of Forex, by Kathy Lien is another concise introduction that has stood the test of time.
All three are available on Amazon. Rosenberg's book, unfortunately, is pricey, but it's widely available in public libraries. "Trading in the Zone: Master the Market with Confidence, Discipline and a Winning Attitude," by Mark Douglas is another good book that's available on Amazon, and, again, somewhat pricey, although the Kindle edition is not.
Use the information gained from your reading to plan your trades before plunging in. The more you change your plan, the more you end up in trouble and the less likely that elusive forex profit will end up in your pocket.
Diversify and Limit Your Risks
Two strategies that belong in every trader's arsenal are:
Diversification: Traders who execute many small traders, particularly in different markets where the correlation between markets is low, have a better chance of making a profit. Putting all your money in one big trade is always a bad idea.
Familiarize yourself with ways guaranteeing a profit on an already profitable order, such as a trailing stop, and of limiting losses using stop and limit orders. These strategies and more are covered in the recommended books. Novice traders often make the mistake of concentrating on how to win; it's even more important to understand how to limit your losses.
Be Patient
Forex traders, particularly beginners, are prone to getting nervous if a trade does not go their way immediately, or if the trade goes into a little profit they get itchy to pull the plug and walk away with a small profit that could have been a significant profit with little downside risk using appropriate risk reduction strategies.
In "On Any Given Sunday," Al Pacino reminds us that "football is a game of inches." That's a winning attitude in the Forex market as well. Remember that you are going to win some trades and lose others. Take satisfaction in the accumulation of a few more wins than losses. Over time, that could make you rich!